Never posted a thread before but really want some feedback from small business owners. Please try to avoid any politics if possible. Really just wanting thoughts on this and if sounds as decent an option as it does.
CAREs act business loan is what I am talking about. Skip a few paragraphs for the real question if you want. Sorry for long explanation below.
We are a small business of 6 physicians, 4 NPs/PAs, and 42 employees. Every other day for the last 3-4 weeks we have had 2-3 hour teleconferences discussing how we can do 2 things. 1. Protect the populous, our patients, and providers and 2. Keep as many employees employeed as we can. We have went about quarantining docs in groups of 2 rotating for 2 weeks in clinic, hospital, and home/telehealth and we immediately suspended all pay to ourselves/100% cut then and for the next 2-3 months. We then removed every bit of overhead we could and still take care of patient and called every supplier and drug company we get meds from (prostate and bladder cancer meds etc) and asked if we could delay payments.
Despite all the above measures within 3 weeks our visits and surgeries with patients (all elective cancelled) dropped to 1/3rd or less and our mostly older patients cannot figure out telehealth despite us trying 3 different vendors.
All of that painfully lengthy information above was to describe why unfortunately yesterday we let approximately half our employees go. Bc TN DOH, SESCO, and Phil Roe told us to expect 2-4 months of this slow down before we can ramp back up. Our goal is to let them go and rehire as soon as possible.
Now to the real question and can skip above.
We get an email last night from LUGPA (a group that helps small urologic business) stating buried in the CAREs act that small businesses can take out a loan for 2.5 months of W2 salary for employees based on 2017-2018 tax returns up to 10 Million dollars and if all of those are still employed end of June or in June it will be forgiven.
We are excited about this (we hate debt and not trying to give handouts but for our employees livelihoods) bc we could keep these people employeed and not go bankrupt. Are any of the rest of you small business owners or managers considering this and do you see any major pitfalls we are missing? Investigating on our own but just trying to get some opinions elsewhere as well before signing up for such a potential large debt.
Thanks. Sorry if I offended anyone. And as I tell my patients not to....I won’t apologize for length again
CAREs act business loan is what I am talking about. Skip a few paragraphs for the real question if you want. Sorry for long explanation below.
We are a small business of 6 physicians, 4 NPs/PAs, and 42 employees. Every other day for the last 3-4 weeks we have had 2-3 hour teleconferences discussing how we can do 2 things. 1. Protect the populous, our patients, and providers and 2. Keep as many employees employeed as we can. We have went about quarantining docs in groups of 2 rotating for 2 weeks in clinic, hospital, and home/telehealth and we immediately suspended all pay to ourselves/100% cut then and for the next 2-3 months. We then removed every bit of overhead we could and still take care of patient and called every supplier and drug company we get meds from (prostate and bladder cancer meds etc) and asked if we could delay payments.
Despite all the above measures within 3 weeks our visits and surgeries with patients (all elective cancelled) dropped to 1/3rd or less and our mostly older patients cannot figure out telehealth despite us trying 3 different vendors.
All of that painfully lengthy information above was to describe why unfortunately yesterday we let approximately half our employees go. Bc TN DOH, SESCO, and Phil Roe told us to expect 2-4 months of this slow down before we can ramp back up. Our goal is to let them go and rehire as soon as possible.
Now to the real question and can skip above.
We get an email last night from LUGPA (a group that helps small urologic business) stating buried in the CAREs act that small businesses can take out a loan for 2.5 months of W2 salary for employees based on 2017-2018 tax returns up to 10 Million dollars and if all of those are still employed end of June or in June it will be forgiven.
We are excited about this (we hate debt and not trying to give handouts but for our employees livelihoods) bc we could keep these people employeed and not go bankrupt. Are any of the rest of you small business owners or managers considering this and do you see any major pitfalls we are missing? Investigating on our own but just trying to get some opinions elsewhere as well before signing up for such a potential large debt.
Thanks. Sorry if I offended anyone. And as I tell my patients not to....I won’t apologize for length again
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